William Roberts Lawyers and litigation funder IMF Bentham are working to bring a class action against MLC Super Fund trustee company NULIS Nominees regarding conflicted remuneration.
The claim will allege the NAB-owned trustee breached its obligations to MLC Super members when it agreed to levy excess fees from their accounts to pay conflicted charges, including commissions and other fees, to advisers.
In mid-2016, there was a reorganisation of the superannuation fund structures operated by the MLC/NAB group, with newly formed body NULIS becoming the trustee for the MLC Super Fund.
Members were transferred to the new fund. William Roberts said NULIS decided to maintain the grandfathered charges that were being paid from transferred members’ accounts to advisers prior to 1 July 2016, despite it being against customers’ best interests.
IMF and William Roberts are seeking the recovery of the conflicted charges plus interest on behalf of fund members who were charged excess fees from July 2016 onwards.
The Future of Financial Advice reforms banned conflicted remuneration for advisers in July 2013; however, grandfathering provisions saw certain commission or other payments made under an arrangement prior to the ban were excepted.
The law firm and litigation funder have said they will not be suing any financial advisers in the process.
Fund members affected by the conflicted charges have been invited to register through IMF’s website.
MLC Super is the latest in a list of funds having class actions brought against them after the royal commission. William Roberts is already working on a claim against Suncorp Super.
Two weeks ago, Slater and Gordon filed the second class action against AMP regarding its super fees, following Maurice Blackburn.
NAB and MLC also saw a class action launched against it in September by Slater and Gordon relating to credit card insurance.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
The RBA has ruled out the use of negative rates – but is that premature? ...
The RBA has made its latest cash rate call as Australia sets out on the path to recovery. ...
Mayfair has labelled the appointment of receivers to one of its funds as a “serious error of judgement” and blasted claims it might be i...